Has anyone ever heard of a drop and swap where 2 LLC's are created from the existing LLC and both members become tenants in common and therefore are allowed to take their proceeds in the new LLC's and buy their own properties? 

The best cap I've seen so far is the around 10.85% with starting around 4.30% or so at CMG mortgage - "All in One" which packages the checking/swap account + ARM loan feature + line of credit.Most HELOC's I've seen were 18% cap with monthly adjustable.

Maybe it's an area pride thing, where folks closer to either area swapped in whatever D they were happier about.

While rehabbing I use the exact same approach - locks the same if possible to do so - but I swap out the locks at sale.

I just swap out the locks with new locks. 

If you know labor and materials to swap out an old window to new is $500 and the home has 10 windows, you tally $5k and so on.Third part of the equation is marketing.

If any of the people that commented who are local want to hook up and brainstorm/swap war stories I'm interested.

I would go with either laminate or granite, even a low-end granite - something that you either swap out in a few years when it looks rough or can take just about anything a tenant can throw at it. 

Right Amit, this problem is actually a simple mathematic equition:one wants to swap a lesser performing rental with the more performing investment.The problem is since the performance is set by market, thus the problem is becoming:one wants to swap a less performing single/MF rental property in specific regional to a regional syndication economy that's more performing.In reality, these are difficult as the home price is rising and rent growth for SFR is higher than the growth of apartment/multifamily complexes esp. if it's class A property.Solution ?

I could be wrong on this, but to my understanding if the work does not affect the square footage of the house nor the structural components, and is simply replacing a "like-for-like" type product (swapping out an old light fixture for a new one, but the are on the same circuit and panel,  permits would not be required.